How will you deal with the following items while preparing income and – InterviewSolution

1.

How will you deal with the following items while preparing income and expenditure account for the year ending March 2016 in respect of XYZ Club:Particulars31.03.201531.03.2016Outstanding locker rent60008000Advance locker rent10005000Locker rent received during the year 2015 – 16 Rs. 75,000.

Answer»

Locker rent received	75000
Add: Outstanding on 31.3.16	8000
"Advance on 31.3.15"	1000
Less: outstanding on 31.3.2015	6000
"Advance on 31.3.2016	5000
Amount to be credited to income & expenditure a/c	73000

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